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Leadership

Our diverse portfolio
of performing assets and our senior management team with an average
of 28 years industry experience provide an uncommon level of
multifamily expertise. That focus on multifamily housing has
allowed our management team to develop outstanding skills,
insights, and relationships over multiple real estate cycles.

Bob Krokower

Chief Executive Officer

John Marasco

Chief Development Officer

Dan Byrnes

Managing Director
Conventional Investments

Bryon Gongaware

Managing Director
Affordable Housing Group

Ed McGovern

Managing Director
Capital Markets

John Gleason

Managing Director
Asset Management

Nina Richter

Managing Director
Human Resources

Mike Voorhees

Managing Director
Property Management

Tali Reiner

Vice President
Property Management

Laurel Zacher

Vice President
Marketing & Talent Development

Michael Nanney

Sr Director
Development

Davis Vaughn

Sr Director
Conventional Investments

Julie Driscoll

Sr Director
Controller

Annamarie Calkins

Sr Director
Accounting & Business Operations

Adele Larkin

Manager
Nootka Marine Adventures

Close

David Dufenhorst

Chief Executive Officer

Mr. Dufenhorst is the
Chief Executive Officer at Security Properties where he oversees a
22,000 unit apartment portfolio with assets located in 21 states
plus the District of Columbia. The company has been in business
since 1969 and operates with four separate business units including
development, conventional acquisitions, affordable acquisitions,
and in-house property and asset management. He has 31 years of
experience in real estate and has completed over $5.2b in
transactions and raised over $900m of institutional equity.

Prior to joining Security
Properties, Mr. Dufenhorst worked 13 years as the President and
Managing Partner of a private developer based in Los Angeles with
offices in Denver, Phoenix, and Las Vegas. His previous work
experience also included working in the real estate group for an
investment banking firm based in San Francisco and he was the
Director of Development for Intrawest.

Mr. Dufenhorst attended
the University of Idaho where he received an undergraduate degree
in business and attended the University of Southern California
where he obtained a Master of Real Estate Development. He is a CPA
(inactive), a California real estate broker, a gold multifamily
council member of the Urban Land Institute, a board member of Long
Live the Kings, a member of the National Multi-Housing Council, a
member of the National Association of Home Builders Multifamily
Leadership Group, a member of Pacific Real Estate Institute, and an
Executive Committee Member of the USC Lusk Center for Real
Estate.

Bob Krokower

Chief Executive Officer

Robert Krokower has 44
years of experience in real estate finance, administration, and
accounting. Prior to joining Security Properties in 2003, Mr.
Krokower spent five years as Chief Financial Officer for Harbor
Properties, Inc. (real estate development and property management)
and Harbor Mountain LLC (ski resort operations and resort real
estate). From 1992 to 1998, he operated his own consulting firm
which offered financial and administrative support to real estate
development and operations companies. Prior to 1992, Mr. Krokower
worked as Senior Vice President of Finance and Administration,
Corporate Secretary and Director of the Donald L. Bren Company and
Bren Investments Properties (real estate development companies). He
is a graduate of California State University with an accounting
degree.

John Marasco

Chief Development Officer

Mr. Marasco has 30 years
of experience developing real estate investments. Having started
his career in real estate with the largest land developer in the
Pacific Northwest, his particular expertise lies in land
acquisition and development. Additional strengths include analysis,
financial structuring, construction management, rehabilitation,
asset turnaround, marketing and sales. Prior to joining Security
Properties in 1992, he served as Acquisition Manager for a
Seattle-area multifamily real estate syndication and development
company. He has a Bachelor's of Science from the University of
Oregon and completed graduate courses at the University of
Washington's Department of Civil Engineering. He maintains a
Washington Real Estate Broker's License and has received a
University of Washington Certificate in Commercial Real Estate. Mr.
Marasco is co-chair of ULI, Seattle's workforce housing task
force.

Dan Byrnes

Managing Director, Conventional
Investments

Mr. Byrnes has 16 years of
experience in commercial real estate. He oversees all market-rate
acquisitions and dispositions for Security Properties, having
completed over 100 transactions totaling $3.5 billion. In addition,
Mr. Byrnes oversees day-to-day management of Security Properties’
multifamily funds. Prior to joining Security Properties, he served
as a Director of Investment Sales in HFF’s New York City office,
where he completed over $4.0 billion of real estate transactions,
spanning all major US markets and asset types. Mr. Byrnes holds a
Bachelor’s degree in Economics-Operations Research from Columbia
University and an MBA from the Haas School of Business at
University of California, Berkeley.

Bryon Gongaware

Managing Director, Affordable Housing
Group

Mr. Gongaware has
expertise in real estate development and investment since 2000. He
is focused on executing the acquisition and development of
affordable properties throughout the United States utilizing both
4% and 9% low income housing tax credits. He is responsible for
leading an investment team through the entire development cycle of
affordable housing: from early stage planning, managing and
coordinating the pre-development and construction process with
contractors and architects, sourcing complex financing, securing
rent increases with regulatory agencies, property lease-up
strategies and permanent financing. Mr. Gongaware’s broad skill set
and knowledge include entitlement, construction management, asset
management, property financing, and financial analytics. Prior to
joining Security Properties in 2002, he worked on real estate
transactions for a high net worth individual. He holds a
Bachelor’s Degree in Business from the University of Washington,
and a Certificate in Commercial Real Estate from the University of
Washington.

Ed McGovern

Managing Director, Capital
Markets

Mr. McGovern has over 20
years of finance and real estate experience involving high rise
commercial development and real estate private equity. While at
Security Properties he has syndicated or raised real estate debt
and equity funds from high net worth investors, institutions and
family offices that contributed to the capitalization of over $1
Billion of multifamily real estate. His career has involved both
investment and disposition roles in office, hotel, retail and
multifamily real estate for both ground up development and
acquisition rehab projects. Prior to joining Security Properties in
2009, Mr. McGovern held real estate development and investment
roles with Schnitzer Northwest and Bentall Kennedy, as well
positions in investment banking. He has been responsible for the
development and leasing of over two million square feet of
commercial real estate in the Pacific Northwest. He holds a
Bachelor's of Science in History from the U.S. Naval Academy, an
MBA from Columbia University and a Certificate in Construction
Management from the University of Washington. He currently serves
as a Board Member and Adjunct Professor for the University of
Washington Runstad Master Science in Real Estate program. He
was recently selected to the Corporate Board of Directors for
NAIOP.

John Gleason

Managing Director, Asset
Management

Mr. Gleason has over 30
years of experience in managing multifamily, office, industrial,
and retail real estate portfolios throughout the United States.
Prior to joining Security Properties in 2006, Mr. Gleason held
positions including Managing Director of Colliers International,
Regional Vice President of DivcoWest, and General Manager at
Trammell Crow, Spieker Properties, and Equity Office. Since joining
Security Properties, Mr. Gleason has been instrumental in
implementing processes and innovative analyses to better facilitate
strategic decision making, risk mitigation, and investor
communication. His latest initiative was the development and
implementation of a proprietary business intelligence (“BI”)
platform; the new BI platform allows Security Properties to
illuminate opportunities to optimize operations. During his
career prior to Security Properties he played a major role in the
acquisition, rehab/repositioning, and disposition of 1900/01 Avenue
of the Stars in Century City, which resulted in a profit of
approximately $100 million in just 23 months. Mr. Gleason has
personally negotiated over $500 million in commercial leases and
has performed the role of construction manager for over $50 million
in renovation projects. He holds a Bachelor's in Agricultural
Managerial Economics from the University of California at
Davis.

Nina Richter

Managing Director, Human
Resources

Ms. Richter joined
Security Properties Residential and Security Properties with over
25 years of experience in human resources in industries including
engineering, homebuilding and commercial real estate. She has a
strong generalist background encompassing policies/practices,
staffing, compensation, benefits, performance management, employee
relations, employee recognitions, training, health and safety, and
is adept at tying HR advice to business strategy. Ms. Richter holds
a BA in Speech/Communications from the College of Wooster and is
accredited by both the Human Resources Certification Institute as a
Senior Professional in Human Resources and the Society for Human
Resource Management as a Senior Certified Professional.

Mike Voorhees

Managing Director, Property
Management

Mike Voorhees has over 23
years of experience in residential real estate management. Before
joining Security Properties Residential as President and Managing
Director, he served as Partner and Regional Vice President for
Holland Residential in the Puget Sound region. Under his tenure,
the region grew from 233 units in 2003, to 25 properties with over
5,500 units. During that time frame, Mr. Voorhees supervised the
renovation of 2,700 units and a total infusion of over $18 million
in capital improvements. Prior to joining Holland Residential, he
served as an investment manager for Pinnacle, overseeing 14
properties with a capitalization value of approximately $225
million. Before his days at Pinnacle, her served as a District
Manager for Trammel Crow for Oregon and Washington. Mr. Voorhees
attended Washington State University and studied Business
Administration and is a managing broker in Washington State.

Tali Reiner

Vice President, Property
Management

Tali Reiner is responsible
for the property management operations of Security Properties
Residential’s 20,000 unit nationwide portfolio. In her role as Vice
President, Ms. Reiner contributes to the strategic vision of SPR
and is responsible for the successful day to day operations of
property management including oversight of key personnel decisions,
company culture, revenue performance and strategic growth within
target markets. Ms. Reiner has supervised a diverse portfolio
spanning 14 states including lease-ups, value-add, LIHTC/HUD,
senior, mixed-use and conventional housing from garden style, to
mid and high-rise. With this experience, Ms. Reiner has been
instrumental in helping SPR and our partners through successful
lease ups, stabilization, acquisitions and dispositions. Prior to
joining SPR, she worked for a third-party property management firm,
Indigo Real Estate Services. During her time at Indigo, Ms. Reiner
filled numerous roles within the organization including: Director
of Operations, Investment Manager and Compliance Director. Under
her leadership the compliance department doubled in size to over
5,000 units and was recognized by the Washington State Housing
Finance Commission as an industry leader. Ms. Reiner has been
active in the multifamily housing industry since 2005 and has
maintained a Washington real estate broker license since 2007. She
is a board member of both the Washington Multifamily Housing
Association and Affordable Housing Management Association of
Washington. Previously she was a member of the Washington State
Housing Finance Commission Advisory Board. Through her involvement
with both boards, she has advocated in Washington, DC for
thoughtful housing policy and support of vital housing programs.
Ms. Reiner is a graduate of Randolph College where she received a
Bachelor of Arts degree in History.

Laurel Zacher

Vice President, Marketing &
Talent Development

Laurel Zacher is a
multifamily marketing strategist with 25+ years’ real estate and
media experience. She directs the strategic planning and execution
of marketing programs for investment and property management. She
has worked with a broad variety of communities including
conventional apartment communities, affordable, mixed-use
developments and commercial buildings, across North America (both
US and Canada). Prior to joining SPR, she led marketing strategy
for Weidner Apartment Homes and regional owners throughout the
Midwest. She leads a team of national marketing professionals with
specialties in advertising (print and digital), SEO/SEM, branding,
design, social media, reputation management, customer service and
web development. Ms. Zacher holds a BS in Business Management from
California State University, Long Beach.

Michael Nanney

Sr Director, Development

Mr. Nanney has 18 years of
real estate development experience. After beginning his career at
Jones Lang LaSalle, Mr. Nanney spent over eight years developing
land and residential properties at publicly traded real estate
company Forest City Enterprises. He has worked on real estate
development projects in northwest cities including Seattle,
Portland, and Bellevue along with other cities around the U.S.
including Washington D.C., Chicago, San Juan P.R., Colorado
Springs, and Honolulu. Mr. Nanney’s educational background includes
a degree in finance from George Mason University, the Chartered
Financial Analyst designation, and an MBA from the University of
Washington.

Davis Vaughn

Sr Director, Conventional
Investments

Davis Vaughn is a Senior
Director on the Acquisitions Team at Security Properties. He
focuses on the acquisition of market rate apartments on the west
coast in partnership with institutional equity. Deal targets
include core, core-plus, value-add and opportunistic real estate.
He has acquired approximately 10,000 units with total
capitalization of $2.0B.

He is also responsible for
managing all institutional equity relationships for the
Acquisitions platform. This includes sourcing equity capital and
joint venture structuring and partnerships. Equity partners include
insurance companies, pension funds, equity funds and high net worth
individuals.

Prior to joining Security
Properties, Davis worked on institutional debt and equity placement
for Northwestern Mutual in their Seattle real estate office. He
graduated Cum Laude from the University of Washington with a
Bachelor’s Degree in Finance.

Dorothy Denton

Sr Director, Tax

Our diverse portfolio of
performing assets and our senior management team with an average of
28 years industry experience provide an uncommon level of
multifamily expertise. That focus on multifamily housing has
allowed our management team to develop outstanding skills,
insights, and relationships over multiple real estate cycles.

Julie Driscoll

Sr Director, Controller

Julie Driscoll is the
controller at Security Properties where she oversees financial
reporting and day to day accounting functions for a portfolio of
assets over $3 Billion. Prior to joining Security Properties in
2006, Ms. Driscoll was part of the real estate finance team at
Vulcan Real Estate. There she worked with joint venture reporting,
project budgeting, commercial property management and a diversified
south lake union real estate portfolio from pre-development through
development stages. Ms. Driscoll began her career in public
accounting with RSM McGladrey where she performed audits and
prepared tax returns for a range of clients from the banking
industry to Northwest fishing boats. She is a graduate of the
University Of Washington Foster School Of Business with a
Bachelor’s degree in Accounting.

Annamarie Calkins

Sr Director, Accounting &
Business Operations

Annamarie Calkins has
worked for the organization for over 13 years and oversees all
accounting, systems, vendor relations, and internal audit
departments. Prior to joining Security Properties Residential, she
was the Accounting Manager for Security Properties where she
managed the corporate and property management accounting for the
conventional portfolio. She brings a wealth of real estate
accounting industry knowledge and experience and has successfully
led multiple system and software implementations. Ms. Calkins has
also worked as an audit associate for McGladrey LLP, where her
clients were primarily in real estate. She holds a Bachelor of Arts
in Business Administration from the University of Washington and is
currently working towards earning her CPA license.

Her achievements include double digit revenue growth, streamlined
operating procedures, lowered operation costs. Her passions include
managing and branding unique destination resorts in the adventure
travel industry. Nootka Marine Adventures Ltd. is now the largest
fishing resort operator on the West Coast of Vancouver Island, with
three resorts that tailor to the needs of every angler, whether
they arrive alone, with family, or in a large group. Each resort
offers an unparalleled, professional guided sport fishing and
wildlife adventure experience.